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After vegetables & eggs, edible oil prices shoot up
After vegetables, onions and eggs, edible oil prices have soared to an all-time high. Sunflower, soyabean and palm oil prices have shot up at least from Rs 5 to Rs 7 per litre overnight.
Hyderabad: After vegetables, onions and eggs, edible oil prices have soared to an all-time high. Sunflower, soyabean and palm oil prices have shot up at least from Rs 5 to Rs 7 per litre overnight.
Thanks to the Union government’s decision to raise the duty on the oils imported from other countries, the people are now being forced to pay more. Telangana is one of the states in the country which registered highest consumption of sunflower and palm oil in the country.
The government-owned Telangana State Cooperative Oilseeds Growers Federation Limited (TSOILFED) also increased the prices of its Vijaya brand of edible oils supplied in the state.
“The sudden increase of import duty put heavy burden on the federation in procuring oil from other countries. Telangana has been importing palm oil from Indonesia and Malaysia and sunflower oil from Ukraine and Russia to meet the local demands. A small quantity of soyabean oil was also imported from Latin America,” a TSOILFED official shared with The Hans India.
Three days ago, the Union government has raised the import duty on crude palm oil from the present 15 per cent to 30 per cent. The duty on refined oil was increased from 25 per cent to 40 per cent. The import duty on crude sunflower oil has been increased from 12.5 per cent to 25 per cent and for refined sunflower oil, the duty has been increased from 20 per cent to 35 per cent.
The Centre inflated import duty on oils in a bid to curb the excess oil imports and support farmers to make available good remunerative price for their produce. Since there was no sufficient palm oil and sunflower oil production, the official said that the government would have to import oil to meet the growing edible oil demand in the state.
The other private oil manufacturing companies were also depending on imports to supply in the market. The increased import duty had forced the Federation to cough up more money to pay the duty for oil imports.
The oil prices would not come down in the near future unless domestic oil production goes up to meet the local demand, the official said. Soyabean oil prices also increased in proportionate to the import duty though its consumption was low in the state.
